Washington's political and business elite came together Saturday night at the traditional, light-hearted black-tie event - the Alfalfa Dinner! At the closed-door roast, as per the conventions, reporters were not allowed.

Going by the custom set by his White House antecedents, President Obama served as the star speaker at the occasion, which has political and business leaders giving witty speeches. A surprising co-star sharing the spotlight with him was the Alaska Governor, Sarah Palin!

The White House released some excerpts from the humorous remarks made by President Obama - most of the statements being about the 96-year-old club's historical roots, and its exclusive practice; his White House lifestyle; and his friendly ribbing of his quick-tempered chief of state, Rahm Emanuel.

Obama said: "It was actually Rahm's idea to do the swearing-in ceremony again. Of course, for Rahm, every day is a swearing-in ceremony!"

In one of his digs at the roots of the club - which was to some extent, started to celebrate the birthday of Confederate General Robert E. Lee - Obama said: "If Lee were here with us tonight, the general would be 202 years old.. and very confused!"

The Alfalfa club is just a few blocks from the White House. Ever since the club was founded in 1913, it was off limits to women. However, in 1994, the convention changed when first lady Hillary Rodham Clinton attended the Alfalfa Dinner with then President Bill Clinton.